Market Overview - The A-share market experienced a significant surge, with the Shanghai Composite Index stabilizing above 4000 points, the Shenzhen Component Index rising nearly 2%, and the ChiNext Index increasing by nearly 3% [3][5] - The North Exchange 50 Index saw an extraordinary increase of over 8% [5] Market Performance - On October 29, the Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95%, and the ChiNext Index closed at 3324.27, up 2.93% [5][6] - A total of 2672 stocks rose, with 66 hitting the daily limit up, while 2621 stocks declined [7] Sector Highlights - The photovoltaic and energy storage sectors saw a strong performance, with companies like Longi Green Energy and Tongwei Co. hitting the daily limit up [7][8] - Lithium mining stocks also performed well, with companies like Dazhong Mining and others seeing significant gains [9] - The non-ferrous metals sector experienced a rally, with Chang Aluminum and others hitting the daily limit up [10] Policy and Regulatory Developments - The chairman of the Beijing Stock Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore after-hours fixed-price trading [13][14] - The Ministry of Commerce and other departments released the "Urban Commercial Quality Improvement Action Plan," aiming to enhance urban commercial systems and support new service consumption scenarios [14][15] - The Beijing Municipal Financial Committee announced opinions to promote high-quality development in venture capital and equity investment [15][16] - The State Administration of Foreign Exchange introduced measures to facilitate cross-border trade and support foreign trade development [16]

Investment Rating - The investment rating for Chengdu Bank is "Buy-A" with a target price of 21.94 CNY, compared to the current stock price of 18.11 CNY as of October 28, 2025 [5]. Core Views - Chengdu Bank's performance remains stable, with a revenue growth rate of 3.01% and a net profit growth rate of 5.03% for the first three quarters of 2025. The bank's asset expansion is steady, but net non-interest income has declined significantly [1][10]. - The bank is focusing on enhancing service quality for the real economy and has increased support for key manufacturing sectors, while also optimizing retail loan products [2][10]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433.08% [9][10]. Summary by Sections Financial Performance - Chengdu Bank's total assets grew by 13.39% year-on-year as of Q3 2025, with a net increase of 130 billion CNY in assets during the quarter [1]. - The bank's total liabilities increased by 12.13% year-on-year, with total deposits growing by 12.64% [2]. - The net interest margin decreased by 8 basis points year-on-year, but the decline has slowed compared to the first half of the year [3]. Loan and Deposit Trends - Corporate loans grew by 16.48% year-on-year, but the growth rate has slowed compared to the previous quarter [2]. - Retail loans increased by 10.17% year-on-year, maintaining a leading position in the industry despite a decrease in growth rate [2]. - The bank's deposit structure shows a trend towards more term deposits, with the proportion of term deposits rising to 71.27% [2]. Non-Interest Income and Asset Quality - Non-interest income saw a significant decline of 52.86% year-on-year, primarily due to losses in investment income [9]. - Chengdu Bank's asset quality remains among the best in the industry, with a focus on risk management and a low non-performing loan ratio [9][10]. Future Outlook - The bank is expected to achieve a revenue growth of 4.12% and a net profit growth of 5.53% in 2025, supported by its strong asset quality and stable interest margin [10].

Market Overview - The A-share market experienced a strong rally on October 29, with the Shanghai Composite Index surpassing 4000 points, reaching a 10-year high. The ChiNext Index rose nearly 3%, and the North Exchange 50 Index surged over 8% [1][2]. Shanghai Composite Index - The Shanghai Composite Index closed at 4016.33 points, up 0.7%. The Shenzhen Component Index increased by 1.95% to 13691.38 points, while the ChiNext Index rose by 2.93% to 3324.27 points. The North Exchange 50 Index saw a significant increase of 8.41% [2][4]. Trading Volume - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 22909 billion yuan, an increase of approximately 1250 billion yuan compared to the previous day [2]. Sector Performance Photovoltaic Industry - The photovoltaic sector saw explosive growth, with stocks like Sungrow Power Supply rising over 15%, reaching a historical high. Other companies such as Longi Green Energy, Tongwei Co., and JA Solar Technology also hit their daily limit [2][9]. - The market capitalization of Sungrow Power Supply is now nearly 400 billion yuan [9]. Nonferrous Metals Sector - The nonferrous metals sector performed strongly, with companies like China Tungsten High-Tech and Jiangxi Copper nearing their daily limit. The sector was driven by rising prices in tungsten and aluminum [13][15]. - Tungsten prices have increased due to growing demand and supply constraints, with black tungsten concentrate prices rising to 288,000 yuan per ton [15]. Securities Sector - The securities sector also saw gains, with companies like Huashan Securities and Northeast Securities reaching their daily limit during intraday trading [2]. Hainan Free Trade Zone - Stocks related to the Hainan Free Trade Zone, such as Hainan Development and Hainan Airlines, also experienced significant gains, hitting their daily limit [2]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to improve the listing mechanism for the North Exchange, aiming to enhance the quality of listed companies and stimulate market activity [7]. Future Outlook - Analysts suggest that the recent adjustments in the North Exchange have created new valuation opportunities, particularly for newly listed companies with strong profit potential and innovative attributes [7]. Conclusion - The A-share market's strong performance on October 29 reflects a shift in investor focus towards sectors like photovoltaic and nonferrous metals, driven by regulatory support and improving market conditions [1][2][7].

2025 年 10 月 29 日 成都银行 (601838) 一年内股价与大盘对比走势： 10-28 11-28 12-28 01-28 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 -20% 0% 20% 40% 成都银行 沪深300指数 (收益率) 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 李禹昊 (8621)23297818× liyh2@swsresearch.com ——真实反映非息扰动，期待新周期再迎高质量成长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 18.11 | | 一年内最高/最低（元） | 20.96/15.18 | | 市 ...

证券研究报告 | 2025年10月29日 成都银行（601838.SH）2025 年三季报点评 中性 规模保持较快扩张，营收利润双稳健 营收利润维持稳健水平。公司 2025 年前三季度分别实现营收、归母净利润 177.61 亿元、94.93 亿元，分别同比增长 3.01%、5.03%，增速较上半年分别 下滑 2.90pct、2.26pct。其中三季度单季实现营收 54.91 亿元，同比下降 2.92%；实现归母净利润 28.76 亿元，同比增长 0.17%。公司 2025 年前三季 度年化加权 ROE15.20%，同比下降 2.35pct，仍居于同业中较高水平。从业 绩增长归因来看，主要是净息差及非息收入拖累营收增速，不过公司维持了 明显高于行业平均水平的资产增速，另拨备反哺利润的趋势边际增强。 规模保持较快扩张，对公拉动，票据回落。公司 2025 年前三季度总资产同 比增长 13.4%，2025 年 9 月末总资产超过 1.38 万亿元，增速较为稳健。资 产端，前三季度贷款（不含应计利息）同比增长 17.4%至 8462 亿元，保持较 快扩张。前三季度累计新增信贷 1049 亿元，分项来看，对公/个人/票据 ...

Market Overview - The A-share market experienced a significant rally, with the Shanghai Composite Index surpassing 4000 points and the North Exchange 50 Index soaring over 8% [3][11] - By the end of the trading day, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component Index increased by 1.95%, and the ChiNext Index climbed by 2.93% [3][4] Sector Performance - The photovoltaic and energy storage sectors saw a strong surge, with companies like Longi Green Energy and Tongwei Co. hitting the daily limit [5][6] - Lithium mining stocks also performed well, with firms such as Dazhong Mining reaching their upper limit [7] - The non-ferrous metals sector experienced a boost, with companies like Chang Aluminum and Jiangxi Copper showing significant gains [8] Policy and Regulatory Developments - The chairman of the Beijing Stock Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore after-hours fixed-price trading to enhance trading convenience [11][12] - The Ministry of Commerce and other departments released the "Urban Commercial Quality Improvement Action Plan," aiming to enhance urban commercial systems and promote new consumption scenarios [12][13] - Beijing's financial authorities introduced policies to support venture capital and equity investment, as well as to facilitate mergers and acquisitions for high-quality development [12][14] - The State Administration of Foreign Exchange announced measures to promote cross-border trade and support foreign trade development [14] International Relations - A significant meeting between the leaders of China and the United States is scheduled, which is expected to address strategic and long-term issues in bilateral relations [14]

城商行Ⅱ 详解成都银行 2025 三季报： 业绩表现稳健，贷款维持高增，资产质量优异 成都银行（601838.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | | | 营业收入（百万元） | 21,701 | | 22,980 | 24,199 | 26,376 | 28,401 | | 分析师：戴志锋 | | 增长率 yoy% | 7.2% | | 5.9% | 5.3% | 9.0% | 7.7% | | 执业证书编号：S0740517030004 | | 归母净利润（百万元） | 11,670 | | 12,858 | 13,647 | 14,585 | 15,836 | | Email：daizf@zts.com.cn | | 增长率 yoy% | 16.2% | | 10.2% | ...

成都银行（601838） 证券研究报告 信贷依旧高增，息差预计企稳 事件： 成都银行发布 2025 年三季度财报。2025 年前三季度，公司实现营业收入 177.61 亿元，同比增长 3.01%；实现归属于母公司股东的净利润 94.93 亿元，同比增长 5.03%。 点评摘要： 2025 前三季度，成都银行实现营收约 177.61 亿元，同比增长 3.01%， 环 比 上 半 年 增 速-2.9pct 。 营 收 结 构上 ， 净 利 息 收 入 147.25 亿 元 （YoY+8.24%），占总营 收 82.91%；非息净收 入 30.36 亿元，同比 -16.52%，结构占比较一季度减少 3.3pct。拨备前利润 25H1、1-3Q25 增速分别为 6.84%、2.39%,归母净利润同比增速分别为 7.29%、5.03%。 拨备计提规模较去年同期释放约 3.13 亿元利润空间，有效支持利润增速向 上改善。 净息差企稳。2025 前三季度，成都银行净息差录得 1.62%,较 25H1 持平。 公司报告 | 季报点评 非 息 收 入方 面 ， 1-3Q25 公 司 手 续 费 及 佣 金 净 收 入 3.75 ...

证券研究报告 | 2025年10月29日 成都银行（601838.SH）2025 年三季报点评 中性 规模保持较快扩张，营收利润双稳健 营收利润维持稳健水平。公司 2025 年前三季度分别实现营收、归母净利润 177.61 亿元、94.93 亿元，分别同比增长 3.01%、5.03%，增速较上半年分别 下滑 2.90pct、2.26pct。其中三季度单季实现营收 54.91 亿元，同比下降 2.92%；实现归母净利润 28.76 亿元，同比增长 0.17%。公司 2025 年前三季 度年化加权 ROE15.20%，同比下降 2.35pct，仍居于同业中较高水平。从业 绩增长归因来看，主要是净息差及非息收入拖累营收增速，不过公司维持了 明显高于行业平均水平的资产增速，另拨备反哺利润的趋势边际增强。 规模保持较快扩张，对公拉动，票据回落。公司 2025 年前三季度总资产同 比增长 13.4%，2025 年 9 月末总资产超过 1.38 万亿元，增速较为稳健。资 产端，前三季度贷款（不含应计利息）同比增长 17.4%至 8462 亿元，保持较 快扩张。前三季度累计新增信贷 1049 亿元，分项来看，对公/个人/票据 ...

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]